In a move to further improve the way SaaS companies deal with their customer success function, Totango, a leading customer service platform for those companies and very focused on the trends relating to SaaS, is introducing a new feature that will help SaaS companies preview, visualize, and influence results in terms of renewal and upsell, boosting growth.
While that is not always the case, customer service is most commonly related to SaaS companies working on subscription-based businesses. Nevertheless – and despite 50 percent to 70 percent (according to Totango) of revenue in subscription businesses coming from existing customers in the form of renewals or upsells – most companies lack the best visibility over this revenue stream.
And this is exactly where Totango's new feature comes into place: Revenue Stream, as it is called, sheds light on that topic with insights that no other tool can currently provide, telling companies how existing customers are spending their money and what they can do to improve lifetime revenue from customers.
Maksim Ovsyannikov, Totango's Chief Product Officer, commented:
“Today, SaaS companies do not have a good way to see a complete picture of their revenue stream. Companies are still using spreadsheets and custom Salesforce objects, often pulling data from different departments, leading to a messy process and general confusion. Not only is it time and labor-intensive, it is also prone to errors. And that is where we saw a need to automate and streamline the process with Revenue Center. Financial management is now a key aspect of customer success responsibilities and it is time that customer success platforms support this critical use case.”
With the addition of Revenue Stream, Totango improves even further an already very strong and powerful platform, which has recently seen the implementation of the SuccessBeat Tool Suite. These solutions empower SaaS companies and give them the tools they need to improve results.